Sure thing!
Back when these were the tools of choice, there were whole support industries built up around them. A lot like computers, and the way you can find little mom & pop computer repair stores anywhere the rent is cheap. Razors were (and are) temperamental beasties, so there was a demand for folks who could repair them.
The freelance grinder was the guy most well known. Since one of the main things that happened to old razors, as we're well accustomed, is they'd get rusty, especially if the user treated them the way most users treat commodity goods (think computers, here, again). Or maybe the owner did his own honing and wasn't so great at it, or he used a grinding wheel of his own to hone it or whatever. The end result was a razor that wouldn't easily take a usable edge which was possibly also rusted. So you'd take your razor to a grinder. He'd have a big stone wheel, usually pedal-powered, and he'd use it to either just grind the rust off, or to reshape the blade so it could be honed normally again. Later, when hollow-ground razors became desirable, some of them would hollow out old wedges. It looks like that's what happened to yours.
It's a mostly neutral thing, unless you're looking for 'original condition'. Often reground razors are very, very good shavers. I've got a Fred Fenney 'Tally Ho' which was reground paper-thin very late in its life and it's one of the best shaving razors I own. Chances are excellent that even though the grinding on your razor isn't the most aesthetic (the very wide 'shelf'-like stabilizer at the heel of the blade), it still shaves great.